Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a th Date Transaction and data on purchases and sales for a three-monch period ending March 31, are as follows Number of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562.500 10 Purchase 22.500 85.00 1.912.500 11,250 150.001,687,500 3.750 150.00 562.500 28 Sale 30 Sale Feb. 5 Sale 1.500 150.00225.00 10 Purchase 16 Sale 28 Sale 54,000 87.50 4,725,000 27,000 160.00 4.320.000 25.500 160.00 4,080,000 45.000 89.50 4027.500 0.000 160.00 4,800,000 675.000 26.250 160.00 4 200,000 Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale 7.500 90.00 Required 1. Decermine the inventory on March 31 and the cost of merchandise sold for the chree-month period. using the Frt-in, frst-out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold 2. Determine the rie tory on March 31 and the cost o; merhandise sold for the three-month penoc. using the iast-n, frit-out method d the periodic nventory Cost of